Energy for blockchain products is one of the main topics of discussion for the development process of the cryptocurrency industry. As Bitcoin mining is very demanding in terms of energy usage and has become even harder to do over time, Bitcoin’s proof-of-work algorithm has been altered in other, less consuming algorithms for new cryptocurrencies. Bitcoin’s influence on the energy sector is hard to overestimate. Bitcoin energy consumption is currently taking more energy than most countries on the planet. This is not just the reason for the large profits in the energy industry but also a warning for the environment, as it is a threat to the climate with an amount of 20 megatons of CO2 emission per year. The reduction of the energy consumption for cryptocurrencies is also an important task as government environmental policies may become an obstacle for the blockchain industry.
"At some point Bitcoin mining will look like a utility, and it’s going to be a part of critical infrastructure for countries," said the Foundry Digital CEO.
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One of the group's long-term goals involves transitioning all of the world’s blockchains to 100% renewable energy by 2025.
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U.K.-based Argo Blockchain just did record revenues, but a new report suggests 75% of Bitcoin mining still takes place in China, where “blood coin” is made.
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“Blood coin,” “clean coin” and maybe even “virgin coin” will become commonplace phrases as Bitcoin’s environmental concerns continue to rage.
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Blockchain projects focused on optimizing the energy sector are gaining traction as greater emphasis is placed on conservation and efficiency.
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Victoria Bitter has partnered with blockchain energy trading platform Power Ledger to allow customers to earn beer with surplus solar energy.
Australians can now exchange solar energy credits for beer with blockchain
The U.S. should address the environmental problems of Bitcoin mining by providing its clean energy to set up mining hubs, Mayor Francis Suarez said.
90% of Bitcoin mining comes from ‘dirty energy,’ Miami mayor says